Citigroup beat earnings expectations, but came up a little bit light on revenue, as credit showed signs of improvement. Here are some of the takeaways from analysts covering the stock.
CLSA: “Weak top line makes us feel that consensus expectations are too high for Citi and other banks, though we remain more negative on Citigroup given greater structural challenges and expectations that the government will resume selling shares in a few days.”
Barclays Capital: “Relative to our forecast, the entire beat was driven by a lower-than-modeled loan loss provision (though NCOs were roughly in-line, though NPAs better). It expects consumer credit costs to keep declining as long as the global economic recovery is sustained.”...MORE
Friday, July 16, 2010
"Citigroup Earnings: Three Analyst Takeaways" (C)